88 Energy Secures Critical Extension for Namibian Onshore Exploration Through 2026
88 Energy has successfully obtained a 12-month extension for its onshore Owambo Basin petroleum exploration license PEL93 in Namibia, extending the first renewal exploration period through October 2026 with new commitments totaling $800,000 in minimum expenditure.
The extension requires the company to acquire an airborne gravity and magnetic survey augmented by radiometric data, integrate datasets for drill site selection, and complete an environmental impact assessment for proposed drilling activities.
The company maintains a 20 percent working interest in PEL 93 through a joint venture with Monitor Exploration, with both parties executing variations to their existing farmout agreement addressing new commitments through a stage 1A work program.
The geophysical survey, scheduled for the second half of the year, will focus on PEL 93’s southern area following identification of Lead 9, a large anticlinal structure similar to ReconAfrica’s planned Kavango West 1X well, discovered during a 2024 2-D seismic survey program.
Monitor Exploration indicates that the regional structural model points to numerous similar features extending across the southern Owambo Basin, with previous gravity and radiometric data suggesting even larger structural leads may exist in the block’s southeast.
Source: namibiaoilandgas.com